Mark Of Progress: Moody’s upgrades Greece’s rating

WASHINGTON: Moody’s raised troubled Greece’s credit rating by two notches, citing improvements to the government’s finances and its commitment to further gains. Moody’s set its new rating for Greece at Caa1 with a stable outlook, up from the previous Caa3, still well in the troubled territory but a significant mark of progress as the country struggles to emerge from crisis. The ratings agency said it expects Greece’s debt burden to peak this year, at 179% of the GDP, and begin slowly falling as the economy begins to expand. “The government’s progress in fiscal consolidation under its economic adjustment program underscores the improvement in the debt trajectory,” it said. Greece will also meet the target for a primary budget surplus of 1.6% this year set by its bailout lenders, the International Monetary Fund, the European Central Bank and the European Commission.

Published in The Express Tribune, August 3^rd, 2014.

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